Property managers can help with a variety of issues. They have experience dealing with tenants, roommate changes, lease breaks, and evictions. They have a deep network of service providers that can handle repairs and maintenance issues. This can save you money and ensure that your renters are happy. They can also verify income, check backgrounds, and call references. This will make it easier to find qualified tenants and reduce tenant turnover.
Less Stress
When you own property, many things can go wrong with it. From a leaking pipe to a tenant who fails to pay rent, handling issues is difficult and can take up your valuable time. A professional property management company has the experience to resolve problems that arise quickly. They also know how to keep your tenants happy, which results in less turnover and higher occupancy rates.
Additionally, property managers can accurately price properties to attract high-quality tenants and maintain consistent occupancy levels. This can save you money and hassle in the long run. They are also experienced in landlord-tenant laws and can help you avoid legal issues with your tenants. These legal issues include nonpayment of rent, property damage, and lease violations.
Less Time
Owning and renting out a property can be a lucrative business venture. But it’s also a lot of work. Tracking rent payments, handling requests, addressing complaints and conducting inspections can quickly become a full-time job — especially if you own multiple properties. Property management companies are familiar with landlord-tenant, real property, and contract laws and can handle legal issues like evictions and security deposit refunds.
They can also monitor current housing and rental market trends and determine when to increase rent rates. Companies like Acorn & Oak Property Management are experienced in marketing homes to prospective tenants, preparing the house for new residents and settling into a lease. They can often provide these services for a flat fee or on a per-project basis. This saves time and hassle for landlords.
Less Money
Property management companies follow landlord laws and generally only rent to tenants who pass a thorough screening process. This can help to decrease vacancy rates and evictions. A good management company deeply understands the local rental market and can accurately price properties. They also have relationships with service providers and often receive volume-based discounts.
This can save the owner money on maintenance costs and time spent searching for a plumber or electrician in an emergency. A good management company will also be able to keep renters happy, which can lower the tenant turnover rate and save on advertising expenses. Tenants who are satisfied with their properties are less likely to move and will be more receptive to reasonable rent increases.
Less Risk
Property management companies collect a percentage of rental income each month, giving them a strong incentive to keep payments consistent and on time. They also have an established system for screening tenants and have experience with eviction processes if necessary. Property managers have a network of contractors and vendors they work with regularly, which can save you money on maintenance requests.
They also have streamlined processes and can get estimates quickly for larger projects. The vacancy is costly, so property managers work to keep the vacancy rate low. A high vacancy rate can impact your rental’s value and make it harder to recoup the initial investment. They can also help you adhere to laws and regulations governing affordable housing programs. This can ensure that you receive the best return on your investment.
Less Legal Issues
Property management companies keep a professional distance from landlords, so they aren’t as emotionally involved when dealing with tenant issues. This allows them to be more proactive when dealing with problem tenants. They also have a standardized practice for background checks, security deposits, and eviction issues. They know how to screen applicants, resulting in fewer problems properly.
They also have strong knowledge of landlord-tenant, real estate, and contract laws. They can deal with legal issues, like evictions, inspection violations and tenant disputes, without you getting involved. They can also handle financial matters, like rent collection and accounting. They often keep up with market trends, ensuring your rental prices are competitive.